Loews Corporation Reports Net Income of $367
Million for the First Quarter of 2012

Net Income Per Share of $0.92

Book Value Per Share of $48.96, an Increase of
3.4% from December 31, 2011

April 30, 2012 06:00 AM Eastern Daylight Time

NEW YORK--(BUSINESS WIRE)--Loews Corporation (NYSE:L) today reported net income for the 2012 first
quarter of $367 million, or $0.92 per share, compared to $379 million,
or $0.92 per share, in the 2011 first quarter. Book value per share
increased to $48.96 at March 31, 2012 from $47.33 at December 31, 2011.

The decrease in net income is due to lower earnings at Diamond Offshore
Drilling, Inc. and HighMount Exploration & Production LLC. These
decreases were partially offset by higher earnings at CNA Financial
Corporation and increased parent company investment income.

CNA’s earnings increased as a result of higher investment income
primarily due to an increase in limited partnership results and higher
fixed maturity securities income and lower catastrophe losses.

Diamond Offshore’s earnings decreased due to lower utilization primarily
from fewer revenue earning days and higher contract drilling expense
that reflects the higher cost of operating rigs internationally rather
than domestically.

HighMount’s earnings decreased due to a non-cash impairment charge
related to the carrying value of its natural gas and oil properties.
This charge was the result of declines in natural gas prices. The
results in 2012 also reflect lower production volumes and prices as
compared to the prior year period.

CONSOLIDATED HIGHLIGHTS

Three Months Ended March 31,

(In millions, except per share data)

2012

2011

Net income attributable to Loews Corporation:

Income before net investment gains

$

348

$

367

Net investment gains

19

12

Net income attributable to Loews Corporation

$

367

$

379

Net income per share

$

0.92

$

0.92

Book value per share at:

March 31, 2012

$

48.96

December 31, 2011

47.33

March 31, 2011

45.38

CONFERENCE CALLS

A conference call to discuss the first quarter results of Loews
Corporation has been scheduled for 11:00 a.m. EDT, today. A live webcast
of the call will be available online at the Loews Corporation website (www.loews.com).
Please go to the website at least ten minutes before the event begins to
register and to download and install any necessary audio software. Those
interested in participating in the question and answer session should
dial (877) 692-2592, or for international callers, (973) 582-2757. The
conference ID number is 67907133. An online replay will also be
available on the Loews Corporation’s website following the call.

A conference call to discuss the first quarter results of CNA has been
scheduled for 10:00 a.m. EDT, today. A live webcast will be available at http://investor.cna.com.
Those interested in participating in the question and answer session
should dial (888) 352-6793, or for international callers, (719)
457-2707. Please go to the website at least ten minutes before the event
begins to register and to download and install any necessary audio
software.

A conference call to discuss the first quarter results of Boardwalk
Pipeline has been scheduled for 9:00 a.m. EDT, today. A live webcast
will be available at www.bwpmlp.com.
Those interested in participating in the question and answer session
should dial (866) 202-0886 or for international callers, (617) 213-8841.
The conference ID number is 79965643. Please go to the website at least
ten minutes before the event begins to register and to download and
install any necessary audio software.

A conference call to discuss the first quarter results of Diamond
Offshore was held on Thursday, April 19, 2012. An online replay is
available on Diamond Offshore’s website (www.diamondoffshore.com).

Statements contained in this press release which are not historical
facts are “forward-looking statements” within the meaning of the federal
securities laws. Forward-looking statements are inherently uncertain and
subject to a variety of risks that could cause actual results to differ
materially from those expected by management of the Company. A
discussion of the important risk factors and other considerations that
could materially impact these matters as well as the Company’s overall
business and financial performance can be found in the Company’s reports
filed with the Securities and Exchange Commission and readers of this
release are urged to review those reports carefully when considering
these forward-looking statements. Copies of these reports are available
through the Company’s website (www.loews.com).
Given these risk factors, investors and analysts should not place undue
reliance on forward-looking statements. Any such forward-looking
statements speak only as of the date of this press release. The Company
expressly disclaims any obligation or undertaking to release publicly
any updates or revisions to any forward-looking statement to reflect any
change in the Company’s expectations with regard thereto or any change
in events, conditions or circumstances on which any forward-looking
statement is based.

Loews Corporation and Subsidiaries

Selected Financial Information by Segment

(In millions)

Three Months Ended March 31,

2012

2011

Revenues:

CNA Financial

$

2,369

$

2,302

Diamond Offshore (a)

796

809

Boardwalk Pipeline

314

311

HighMount

76

104

Loews Hotels

80

80

Investment income and other

77

39

3,712

3,645

Investment gains:

CNA Financial

32

22

Corporate and other

1

32

23

Total

$

3,744

$

3,668

Income (Loss) Before Income Tax:

CNA Financial

$

334

$

310

Diamond Offshore (a)

252

296

Boardwalk Pipeline

92

82

HighMount (b)

(34

)

29

Loews Hotels

7

3

Investment income, net

76

41

Other (c)

(18

)

(27

)

709

734

Investment gains:

CNA Financial

32

22

Corporate and other

1

32

23

Total

$

741

$

757

Net Income (Loss) Attributable to Loews Corporation:

CNA Financial

$

207

$

187

Diamond Offshore (a)

87

117

Boardwalk Pipeline (d)

35

33

HighMount (b)

(22

)

19

Loews Hotels

4

2

Investment income, net

50

27

Other (c)

(13

)

(18

)

348

367

Investment gains:

CNA Financial

19

12

Corporate and other

19

12

Net income attributable to Loews Corporation

$

367

$

379

(a)

Includes a $25 million gain ($9 million after tax and noncontrolling
interests) for the three months ended March 31, 2012 on the sale of
a jack-up rig.

(b)

Includes a non-cash impairment charge of $44 million ($28 million
after tax) for the three months ended March 31, 2012 related to the
carrying value of HighMount's natural gas and oil properties.

(c)

Consists primarily of corporate interest expense and other
unallocated expenses.

(d)

Represents a 61.8% and 65.9% ownership interest in Boardwalk
Pipeline for the respective periods.

Loews Corporation and Subsidiaries

Consolidated Financial Review

(In millions, except per share data)

Three Months Ended March 31,

2012

2011

Revenues:

Insurance premiums

$

1,649

$

1,615

Net investment income

726

661

Investment gains

32

23

Contract drilling revenues

755

789

Other

582

580

Total

3,744

3,668

Expenses:

Insurance claims & policyholders’ benefits

1,381

1,364

Contract drilling expenses

397

362

Other (a)

1,225

1,185

Total

3,003

2,911

Income before income tax

741

757

Income tax expense

(222

)

(195

)

Net income

519

562

Amounts attributable to noncontrolling interests

(152

)

(183

)

Net income attributable to Loews Corporation

$

367

$

379

Diluted income per share attributable to Loews Corporation

$

0.92

$

0.92

Weighted diluted number of shares

397.44

413.83

(a)

Includes a non-cash impairment charge of $44 million ($28 million
after tax) for the three months ended March 31, 2012 related to the
carrying value of HighMount's natural gas and oil properties.